On Friday, the EUR/USD dropped after data released in the Eurozone showed that the yearly CPI fell by 0.6%. Analysts had expected an annual decline of 0.5%. During today’s early trading sessions, the pair rebounded after Friday’s decline. This comes as traders remain cautious over Greece’s future as a member of the European Union. Investors should now keep their eye on a number of data releases tomorrow, including the Spanish unemployment change.
On Friday, the Dollar weakened against the Yen after U.S. data showed that the last quarterly Gross Domestic Product grew by 2.6%, lower than the expected figure of 3.0%.
By the close of Fridays U.S. trading session, Gold had rallied to $1.284/ounce after data releases from the U.S. showed that the economy grew by 2.6%. A weaker Dollar boosts the usually safe haven metal appeal. Today, the price of Gold declined after negative data from China showed that the Manufacturing Purchasing Managers Index dropped to its lowest level in two years.
U.S markets ended lower on Friday and posted losses for the month. The number was very disappointing and suggested that the economy is decelerating. If data continues in this way, this would reduce the chance that the Fed would increase interest rates in June.
Asian markets declined across the region.
European markets are mixed today.
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